IronFX Daily Commentary by Charalambos Pissouros | 07/06/2016
June 7, 2016 8:17 am
Yellen: No hints on near-term hikes • Fed Chair Yellen maintained a balanced stance, trying not to tip the scale in either way. • Urged investors not to read too much into a single weak jobs report. • Did not mention that a hike “would probably be appropriate” in the coming months. • Probability for a July hike fell from 30% to 25%. Further drop in the probability may keep USD under selling interest.
RBA does not reintroduce an easing bias • The RBA remained on hold as was exp. Surprisingly, it did not introduce an easing bias. • AUD/USD surged on the news, as investors expected the Bank to signal future rate cuts. • Given that the Bank may remain on hold for longer, the Aussie could remain supported in coming weeks.
Today: • Germany: Industrial production for Apr. is exp. to rise. Usually not a market mover. • Eurozone: Final GDP for Q1 is exp. to confirm the preliminary estimate. • US: Final Unit Labor Cost index for Q1. Usually not a major market mover. • Canada: Ivey PMI for May. No forecast is available. • Speakers: ECB Governing Council member Francois Villeroy de Galhau.
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Yellen: No hints on near-term hikes
• Fed Chair Yellen maintained a balanced stance, trying not to tip the scale in either way.
• Urged investors not to read too much into a single weak jobs report.
• Did not mention that a hike “would probably be appropriate” in the coming months.
• Probability for a July hike fell from 30% to 25%. Further drop in the probability may keep USD under selling interest.
RBA does not reintroduce an easing bias
• The RBA remained on hold as was exp. Surprisingly, it did not introduce an easing bias.
• AUD/USD surged on the news, as investors expected the Bank to signal future rate cuts.
• Given that the Bank may remain on hold for longer, the Aussie could remain supported in coming weeks.
Today:
• Germany: Industrial production for Apr. is exp. to rise. Usually not a market mover.
• Eurozone: Final GDP for Q1 is exp. to confirm the preliminary estimate.
• US: Final Unit Labor Cost index for Q1. Usually not a major market mover.
• Canada: Ivey PMI for May. No forecast is available.
• Speakers: ECB Governing Council member Francois Villeroy de Galhau.
Join us for more technical and fundamental analysis: http://www.ironfx.com
To get the latest Forex trading news you should:
• Download the IronFX Research app: http://goo.gl/jhQIxO
• Like us on Facebook: https://www.facebook.com/IronFX
• Follow us on Instagram: https://www.instagram.com/ironfx
• Follow us on LinkedIn: https://goo.gl/wSEbPN
• Follow us on Twitter: https://twitter.com/IronFXGlobal
• Circle us on Google+: https://www.google.com/+Ironfxglobal
• Subscribe to our Channel: http://bit.ly/1foFmCU
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